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What is IDV in Motor Insurance?

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The Insured’s Declared Value (IDV) of your vehicle is deemed to be the ‘SUM INSURED’ for the purpose of tariff calculation and it is usually fixed at the commencement of each policy period for each insured vehicle. The IDV is fixed on the basis of the manufacturer’s listed selling price of the particular model of the vehicle at the commencement of the policy or at the time of renewal of the policy. IDV is treated as the ‘Market Value’ throughout the policy period without any further depreciation for the purpose of Total Loss (TL) / Constructive Total Loss (CTL) claims.

IDV is calculated by adjusting the current manufacturer’s Listed Selling Price (*see below) of the vehicle with depreciation percentage listed in the table below:

Not exceeding 6 months
Exceeding 6 months but not exceeding 1 year
Exceeding 1 year but not exceeding 2 years
Exceeding 2 years but not exceeding 3 years
Exceeding 3 years but not exceeding 4 years
Exceeding 4 years but not exceeding 5 years

For vehicles that are obsolete and aged over 5 years, the IDV will be the value agreed between Bajaj Allianz General Insurance (insurer) and you (insured).

*Manufacturer’s Listed Selling Price = Invoice Value + Taxes, excluding Registration and Insurance charges

Did you know that your car insurance premium can decrease with time? Click here to learn more!

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Published on:30 Jul, 2010

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18 thoughts on “What is IDV in Motor Insurance?

    • Bajaj Allianz

      Hi Tushar Kanti Paul,

      You can visit our website – to buy/renew your motor insurance policy. Our online portal will allow you to change your IDV up to certain set limits. However, if you wish to increase your IDV beyond the mentioned limits, you can approach us offline, where you will get all the required support from our executives.

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